Reference no: EM132947359
Question - The inventory on hand at December 31, 2019 for Fair Company is valued at a cost of P950,000. The following items were not included in this inventory amount:
Purchased goods in transit, shipped FOB destination, invoice price P30,000 which includes freight charge of P1,500.
Goods held on consignment by Fair Company at a sales price of P28,000, including sales commission of 20% of the sales price.
Goods sold to Grace Company, under terms FOB destination, invoiced for P18,500 which includes P1,000 freight charge to deliver the goods. Goods are in transit. The company's selling price is 140% of cost.
Purchased goods in transit, terms FOB shipping point, invoice price P50,000, freight cost, P2,500.
Goods out on consignment to Manila Company, sales price P35,000, shipping cost of P2,000.
Required - What is the adjusted cost of the inventory on December 31, 2019?
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